Roses are red, violets are blue, want to boost Valentine’s business, we’ll give you a clue.
February 14th is a lucrative day for many industries as we dine on fine wine and chocolates, flowers and jewelry.
Back in 2020, Valentine’s was one of the best spending periods of the year – we spent an average of $196 per person. Last year, our spend dropped by 20% to around $156 per person, which added up to $21.8 billion.
This year, we’re expected to rebound our Feb 14th spending habits that may even surpass 2020 levels.
Interestingly, those in their 20s are expected to be the biggest spenders, given that they make up the majority of singles and non-married couples.
Yet not everything has returned to pre-pandemic behavior. We’re still not going out as much as we did. Yet we are expected to spend.
In order to make the Day of Announced Love successful for brands, there are a few ecommerce strategies to help grow.
Make lists. Human behavior tends to slide to paralysis when confronted with too many choices. It even leads to digital shoppers simply leaving the site. In this case, segment your products into specific categories or style, while curating your best products. In essence, do the shopping for them, and lay it out in visually appealing ways.
Visible delivery dates. Delivery is a constant topic of discussion for both shops and consumers. Whatever the supply chain issues are present, shops want to send products to consumers as fast as possible, and consumers want to receive them as fast as possible – particularly in time for Valentine’s given that a late gift could well spell the end of a relationship.
That’s why displaying delivery times clearly and visibly is so important. Don’t make ambitious promises that you’ll struggle to keep. Don’t only make this clear on the website but although through email marketing, messaging, and across social media. A promise kept is a customer kept.
Promote to men. Although this smells unfair and even sexist, men spend twice as much as women on Valentine’s Day – with the former spending on average $108 while the latter spend $49.
Like all holidays and special days of the year, offer promos on your products and with the February holiday, promote them to men if you’re looking to accelerate sales.
Cross-sell & up-sell. Techniques such as cross-selling and up-selling help to broaden and deepen average sale orders. For example, for earrings, pair them with a suitable necklace. For bracelets, perhaps a matching ring. Or give the customer the choice by encouraging them to “complete” a look.
Recover lost sales. The biggest driver of lost sales is cart abandonment. Many of us begin browsing a month in advance just to scan the product landscape. We go online and look for the ideal thing, and probably add an item or two to our cart before getting back into the grind of daily life.
That makes a large sales potential given the right conditions, such as driving email campaigns and follow-ups with everyone with products in carts that didn’t finish the process.
Timing is key here. If we don’t buy from one site, we’re going to buy from another. So remind us of our full shopping baskets.